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Corporations (Aboriginal and Torres Strait Islander) Bill 2006

Part 11-1 Introduction

Division 482 Introduction

482-1   What this Chapter is about

This Chapter deals with the various ways in which the management of some or all of the affairs of an Aboriginal and Torres Strait Islander corporation may be assumed by someone other than the directors of the corporation.

There are basically 4 ways in which this can happen:

               (a)     The Registrar may appoint a special administrator for the corporation under Part 11-2.

              (b)     A receiver, or another controller, of the corporation’s property may be appointed under the provisions of Part 5.2 of the Corporations Act (as applied by Part 11-3 of this Act).

               (c)     An administrator for the corporation may be appointed under Part 5.3A of the Corporations Act (as applied by Part 11-4 of this Act).

              (d)     The corporation may be wound up on the grounds set out in Part 11-5 of this Act (with the winding up being carried out under Chapter 5 of the Corporations Act as applied by Part 11-5 of this Act).

The following Parts of this Chapter also apply some other provisions of the Corporations Act to an Aboriginal and Torres Strait Islander corporation:

               (a)     Part 11-6 applies Divisions 3, 4, 5 and 6 of Part 5.7B of the Corporations Act (which deal with insolvent trading);

              (b)     Part 11-7 applies Part 5.8A of the Corporations Act (which deals with employee entitlements).